Gold Price Outlook: XAU/USD Breakout Primed – Levels to Know

Gold has continued to trade within a well-defined descending formation we’ve been tracking for months now with our immediate focus on a breakout of a multi-week range in price. Here are the updated targets and invalidation levels that matter on the XAU/USD charts heading into next week. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

Gold Daily Price Chart

Gold Price Chart - Daily

Technical Outlook: Gold has continued to trade within a broad pitchfork formation extending off the yearly highs with price holding a well-defined range just below parallel resistance into the start of the month. The outlook remains unchanged from our previous Gold Price Technical Outlook where I noted that, “From a trading standpoint, I’ll favor fading weakness while above the median-line at 1180.

Bullion registered a low precisely at 1180.64

Article source: https://www.dailyfx.com/forex/technical/home/analysis/xau-usd/2018/10/05/Gold-Price-Outlook-XAUUSD-Breakout-Primed-Levels-to-Know-Chart-Trade-Forecast-MBCS.html